Dogecoin (DOGE) is rising and Bitcoin (BTC) is flat. But one analyst predicts the DOGE bubble is set to burst this week.
On twitter well-known user Lowstrife highlighted the similarities between Dogecoin and XRP on Tuesday. He interpreted this as a warning sign that “the end” was near.
As Cointelegraph reported, the DOGE/USD pair has continued higher this week, erasing previous losses and surpassing its previous high of $0.47. Year-to-date, the pair is up 7,000 percent.
Since Elon Musk, who is known as a supporter of DOGE, attended his performance on Saturday Saturday Night Live as “The Dogefather”, however, this date is considered an important turning point for the further development of the meme altcoin.
Musk has been making headlines all year for his endorsement of Dogecoin. He showed that this does not grow organically, but can be influenced very easily by social networks.
Why tf does @elonmusk going on Saturday Night Live create the scenario to push DogeCoin to $1.00. Someone please help me understand this logic?
— Jason A. Williams “Parabolic Guy” (@GoingParabolic) May 5, 2021
Should the tide turn, however, Hodlers could face losses reminiscent of the end of 2018’s “alt season.”
Cryptocurrency trader Lowstrife is already seeing signs of such an altcoin apocalypse in the spot market.
“All of Doge’s big rallies this year have been smaller and less aggressive. What started out taking 18 hours has now been going for 2 days,” commented Lowstrife.
“I suppose that’s the final push before it’s all over for good. May 8th is the day to watch.”
Like XRP’s all-time highs
The recent phase of the DOGE miracle is strikingly similar to XRP’s last push in 2018. As a result, the XRP/USD pair has surged to its all-time high of $3.20. The pair then slowly declined and hit a low of $0.14. That’s a loss of 95.6 percent.
The current situation sounds all too familiar, even to newer market participants. The GameStop debacle, in which individual traders drove up the stock’s price to crush hedge funds with their short selling, paved the way for a similar move in cryptocurrencies.
Unlike stocks, there is no way for regulators to pressure traders or restrict access to the asset itself. Except they would force the trading platforms to do that for them.
Adam Back, the CEO of Blockstream, explained to the fact that the DOGE bull run is an example of a casino-like market.
“Like a GME short squeeze. Not because the market says it has value, but on the contrary because it’s rightfully being shorted as worthless,” he said on Twitter.
“The funnier and easier it is to pump, the more people will get together and pump and dump the thing casino-style.
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